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Financial Shares Move Higher as EY Considers Split -- Financials Roundup

05/27/2022 | 05:37pm EDT

Shares of banks and other financial institutions rallied as a potential split of one of the Big Four accounting firms reverberated through the sector.

Ernst & Young's plan for a possible world-wide split of its audit and consulting businesses -- code-named Project Everest, according to people familiar with the matter -- was dismissed by two major rivals Friday who said they would keep their firms in one piece.

Fellow Big Four firms KPMG and PricewaterhouseCoopers issued statements defending their existing models of offering consulting and tax services alongside the bread-and-butter audit work. PwC said it has "no plans to change course," whatever rival firms do. Deloitte declined to comment.

Co-working space operator WeWork has hired Andre Fernandez as its chief financial officer, marking the third CFO appointment since March 2020. The company's current finance chief, Benjamin Dunham, plans to leave after roughly 18 months in the role.

 Write to Amy Pessetto at amy.pessetto@dowjones.com 

(END) Dow Jones Newswires

05-27-22 1735ET

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